As the number of flights is rising worldwide - so is the number of delays. Submitting a claim to the issuing insurer has already become a hassle. PolicyPal Network blockchain is claimed to resolve the inconvenience. The blockchain-powered automatic Flight Delay Insurance underwritten by ERGO. It will be available for purchase via the PolicyPal Singapore app starting July 1.
Flight delay insurance built on the blockchain allows for automated claims (smart contracts are going to facilitate automating claims processes and increase efficiency). The blockchain will provide transparency and immutability to improve security and validity pertaining to the information stored in smart contracts. On top of that, insurance cost on the blockchain is greatly reduced to the immutability.
At the moment of publication, PolicyPal Network market parameters are as follows:
|Average price||0.028516 USD|
|Market cap||10,225,622 USD|
|Volume (24H)||41,214 USD|